Dhruva Space, a space engineering solutions provider, successfully closed its Series A funding at ₹123 crore.
“This funding round is a testament to the international recognition of Dhruva Space’s capabilities and long-term impact. Our vision has always been to provide cohesive full-stack technology solutions to customers to go to Space frequently and securely, at a competitive price point,’‘ Sanjay Nekkanti, Chief Executive Officer and Co-founder, Dhruva Space said in a release.
With the increasing demand for satellites and satellite-enabled services globally, the funding will be instrumental in supporting the industrialisation and manufacturing of Dhruva Space’s full-stack products, enabling significant team growth, increased development of capability and infrastructure, and fuelling the international expansion of our business., he added.
Hyderabad-based Dhruva Space’s Series A round saw significant participation from Indian Angel Network Alpha Fund and Blue Ashva Capital, as well as Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group) IvyCap Ventures, Mumbai Angels, and Blume Founders Fund.
This includes an ₹10 crore venture debt from Small Industries Development Bank of India (SIDBI) and ₹14 crore venture debt from Technology Development Board. Dhruva Space’s Series A1 brought in ₹45.51 crores while Series A2 brought in ₹78 crore.
Dhruva Space has launched 8 payloads in the last 24 months, including the Thybolt satellites mission in November 2022 and the LEAP-TD mission on 01 January 2024.
Building on this, the coming years will see several customer launches with the company’s P-30 nanosatellite platform and P-90 microsatellite platform. This highlights Dhruva Space’s extensive business engagements worldwide, including collaborations with CNES, Kinéis, Comat, Swedish Space Corporation, an Australian company for the LEAP-1, and various satellite imagery providers globally.
With this new financing, Dhruva Space is “well-positioned’‘ to fund ongoing business operations and commercialisation efforts as the company kicks off development of the first phase – around 120,000 square-feet – of the 280,000 square-foot spacecraft manufacturing facility, strategically located in Shamshabad, Telangana, the release said.